Gulnara Karimova’s ill-gotten assets being returned to Uzbekistan

In May 2020, France returned another $10 million to Uzbekistan.

On 11 February 2022, Switzerland and Uzbekistan held the next round of negotiations during which the parties agreed to establish a new United Nations Multi-Partner Trust Fund.

The fund will be used to return assets that were confiscated as part of the criminal proceedings against Gulnara Karimova. It will also serve as a mechanism for the restitution of any additional assets that may be permanently confiscated in the future as part of the still ongoing criminal proceedings in Switzerland.

Currently, about $131 million is ready to be returned.

The fund management mechanism will consist of representatives from Switzerland, Uzbekistan and the UN. Thus, Switzerland and Uzbekistan will be involved in the entire restitution process. The fund will contribute to achieving Sustainable Development Goals in Uzbekistan. It will allocate resources to projects in line with the United Nations Sustainable Development Cooperation Framework for Uzbekistan (UNSDCF).

All projects will be monitored in accordance with the fund’s monitoring and evaluation system based on the rules and regulations of the UN.

The fund will begin its activities after the signing of a legally binding restitution agreement between Switzerland and Uzbekistan. As soon as the restitution agreement is signed, more detailed information about the fund and its functioning will be provided, the Ministry of Justice said.

In addition, the court of Moscow recognized the sentences of the Uzbek courts against Karimova and her accomplices, and measures are currently being taken to organize work with the Russian side to sell the confiscated property for the further return of the proceeds to Uzbekistan.